Mairead Farrell (Galway West, Sinn Fein) | Oireachtas source

The economic recovery plan rests on four pillars. Pillar four provides for strategic investment in infrastructure and reforms that enhance our long-term capacity for growth. Capital expenditure is something I feel very strongly about, but I am concerned that the EU fiscal rules, as currently constituted, could serve to stymie badly needed capital investment and our efforts to achieve a green new deal and just transition. The European Commission is set to reopen its public consultation on reform of the fiscal rules in the coming weeks. The Commission is widely expected to put forward proposals for simplifying the rules and providing greater incentives for productive investment and changes to debt levels. These rules are almost 30 years old. As long as they have been with us so, too, have been calls for their reform. Reformist proposals include exempting public investment, cyclically adjusting the 3% ceiling, shifting from a deficit ceiling to a public debt ceiling, swapping the system of fiscal rules for fiscal standards and so on. The question is: will the reforms go far enough?

I ask the Taoiseach to outline what position the Government will take with regard to the proposed reform of the rules and if it is currently working on a submission?

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